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Applied Economics (2nd Grading) > Lesson: Industry and Environmental Analysis: Identification of Business Opportunity:Types of Industries and Business Opportunity part 2 > Flashcards

Lesson: Industry and Environmental Analysis: Identification of Business Opportunity:Types of Industries and Business Opportunity part 2 Flashcards

1
Q

commerce in farming and farming-related activities.

refers to the agricultural products and services industry involved in growing,
processing, and distributing food.

It includes small and large-scale farming operations, farming equipment such as
tractors and harvesters, growth aids like fertilizer, food processing plants, and
distribution chains involved in shipping, storing, and selling food.

A

AGRIBUSINESS

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2
Q

ONE WAY TO REMEMBER THE KEY ELEMENTS OF AGRIBUSINESS IS THROUGH THE FOUR “F’S”:

A

Food
Fiber
Forest
Fuel

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3
Q

OBJECTIVES OF AGRIBUSINESS

A

Create an innovative and feasible agribusiness sector led by the private sector

Increase productivity

Commercialization of agriculture

Advance in high-potential sectors: horticulture, livestock, and fisheries

Use of modern technologies

Reducing the cost of production

Value Addition

Export Agriculture

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4
Q

AGRIBUSINESS SYSTEM 3 sectors:

A

Agricultural input sector

Agricultural production sector

Manufacturing sector

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5
Q

MAJOR AREAS:

A

Farm supplies
Production
Processing
Marketing
Research & Extension
Govt. Policies & Programmers

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6
Q

IMPORTANCE OF AGRIBUSINESS:

A

Single most important contributor to the world’s economy.

It represents approximately 1⁄4 of total world production.

Employs nearly 1⁄2 the population of the planet.

Play an important role in the economic development of most countries.

Maturing of the production sector gives rise to other sectors.

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7
Q

NATURE OF SUCCESSFUL AGRIBUSINESS:

A

Clean objectives
Planning
Sound organization
Research
Finance
proper plant location, layout, and size
Efficient management
Harmonious relations with the workers

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8
Q

the process of turning raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing.
an integral and huge part of the economy.

It involves the processing and refinement of raw materials, such as ore, wood, and foodstuffs, into finished products, such as metal goods, furniture, and processed foods.

A

Manufacturing

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9
Q

TYPES OF MANUFACTURING:

A

Additive Manufacturing
Advanced Manufacturing
Contract Manufacturing

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10
Q

This type of manufacturing is commonly referred to as 3D printing. It involves the use of
layers that are built up upon each other to create shapes and patterns in a three-
dimensional process using a special piece of equipment,such as a 3D printer.

A

Additive Manufacturing

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11
Q

This method involves new forms of technology to
improve the production process.

A

Advanced Manufacturing

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12
Q

manufacturing industry. Companies will enter into
partnerships and business relationships with other firms to outsource certain
manufacturing processes.

A

Contract Manufacturing

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13
Q

TYPES OF MANUFACTURING
PROCESSES:

A

Discrete Manufacturing
Process Manufacturing
Mixed Mode Manufacturing
Job Shop Manufacturing
Repetitive Manufacturing

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14
Q

is aptly named because each product manufactured can be specifically identified.

A

Discrete Manufacturing

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15
Q

batch process manufacturing entails manufacturing a product based on a specific standard that uses a recipe or formula

A

Process Manufacturing

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16
Q

This is often the case for goods manufactured using batch process before these standardized goods are converted to more specific individual package.

A

Mixed Mode Manufacturing

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17
Q

This process is most often used when there is a batch to process yet the batch is different than a company’s normal product.

A

Job Shop Manufacturing

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18
Q

A potential subset of other manufacturing processes, repetitive manufacturing often breaks long manufacturing processes into smaller parts.

A

Repetitive Manufacturing

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19
Q

STEPS IN MANUFACTURING:

A

Develop the Idea
Perform Market Research
Design the Product
Finalize and Prototype
Prototype Testing
Manufacture the Good
Monitor the Process

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20
Q

involves selling goods directly to customers through physical/online stores and providing them with a variety of products needed to consume in daily life.

A

RETAIL INDUSTRY

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21
Q

It derived from the french word “tailler”
that means

A

“to trim/cut”

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22
Q

“retail is selling goods in
units to sustain consumers’ needs. “

A

According to Kotler

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23
Q

RETAIL BUSINESS TYPE:

A

Product Retail
Service Retail
Non-store Retail

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24
Q

Products sold by retailers include apparel, jewelry, housewares, small appliances, electronics, groceries, and pharmaceutical products.

A

Product Retail

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25
Q

motorbike shop, salons, restaurant

A

Service Retail

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26
Q

retailing without using physical stores

A

Non-store Retail

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27
Q

TYPES OF RETAIL INDUSTRY:

A

Grocery Store
Convenience Store
Department Store
Shopping Center
SuperMarket
Hypermarket

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28
Q

offers more food and beverages essential in home are available here such as biscuits, household items, antibacterial products

A

Grocery Store

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29
Q

sells ready-to-eat foods, beverages, and essential items

A

Convenience Store-

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30
Q

multiple brands and stalls that offer items such as home appliances, cosmetics, and furniture that share the same space

A

Department Store

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31
Q

consists of multiple stores who share the same building but do not share the same space

A

Shopping Center

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32
Q

smaller space compared to hypermarket

A

SuperMarket

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33
Q

department store + supermarket

A

hypermarket

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34
Q

RETAIL SUPPLY CHAIN:

A

Manufacturer
Wholesaler
Retailer
Customer

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35
Q

In industries, services refer to intangible offerings provided to meet specific needs or requirements.

Unlike tangible goods, services are non-physical and include activities, expertise, or support.

A

SERVICE INDUSTRY

36
Q

The scope of services in any industry is broad and diverse, encompassing a wide range of activities and offerings. It typically
Includes:

A

Professional Services
Technical Services
Consulting Services
IT Services
Financial Services
HealthCare Services
Educational Services
Logistics and Supply Chain Services
Customer Support Services
Maintenance Services

37
Q

This involves expertise provided by professionals such as consultants, engineers, architects, and lawyers.

A

Professional Services

38
Q

Support and maintenance services for technical systems, machinery, or equipment
fall under this category.

A

Technical Services

39
Q

Advising clients on various aspects, including business strategy, operations, and
management.

A

Consulting Services

40
Q

Covering software development, system integration, cybersecurity, and technical
support.

A

IT Services

41
Q

Services related to financial management, accounting, auditing, and consulting.

A

Financial Services

42
Q

Medical care, diagnostics, and wellness services fall within this scope.

A

HealthCare Services- Medical care, diagnostics, and wellness services fall within this scope.

43
Q

Training, workshops, and educational programs provided to individuals or organizations.

A

Educational Services

44
Q

Involves transportation, warehousing, and distribution services.

A

Logistics and Supply Chain Services

45
Q

Addressing customer inquiries, troubleshooting, and providing assistance.

A

Customer Support Services

46
Q

Ensuring the proper functioning and upkeep of equipment, facilities, or infrastructure.

A

Maintenance Services

47
Q

In the world economy, goods and services are exchanged across national boundaries.

A

International Trade

48
Q

3 TYPES OF TRADING:

A

EXPORT TRADE
IMPORT TRADE
ENTREPOT TRADE

49
Q

when goods manufactured in a specific country are purchased by the residents of another
country.

A

EXPORT TRADE

50
Q

where goods or services are brought into one country from another, where they were
originally manufactured or created.

A

IMPORT TRADE

51
Q

where goods are imported into a country and then re-exported out, without being distributed within the importing country.

A

ENTREPOT TRADE

52
Q

IMPORTANCE OF INTERNATIONAL TRADE:

A

TO EARN FOREIGN EXCHANGE

ENCOURAGES INVESTMENT

DIVISION OF LABOR AND SPECIALIZATION

OPTIMUM ALLOCATION AND UTILIZATION OF RESOURCES

STABILITY IN PRICE LEVEL

AVAILABILITY OF MULTIPLE CHOICES

BRINGS REPUTATION AND HELPS EARN GOODWILL

53
Q

ADVANTAGES OF INTERNATIONAL TRADING:

A

More Job Opportunities
Improved Risk Management
Greater Variety of Goods Available
Better Relations Between Countries
Enhanced Company Reputation

54
Q

DISADVANTAGES OF INTERNATIONAL TRADING:

A

Exhaustion of Vital Resources
Language Barrier
Reliance on foreign countries
Economic planning and
unpredictability
Lopsided economic growth

55
Q

a strategic tool. It is a process to identify all the external and internal elements, which can affect
the organization’s performance.

A

ENVIRONMENTAL ANALYSIS

56
Q

TOOLS USED IN ENVIRONMENTAL ANALYSIS:

A

PEST ANALYSIS
SWOT ANALYSIS
PORTER’S FIVE FORCES

57
Q

to understand what external forces may affect your organization and how those factors could create opportunities

It can assess major external factors that influence its operation in order to become more competitive in the market

A

PEST ANALYSIS

58
Q

It is one of the most effective way used in decision – making
process.

Identifying external dangers and
possibilities enables proactive risk
mitigation and advantage capture.
SWOT analysis is critical in guiding
firms toward long-term growth and
competitive positioning in the
Market.

It shape current and future operations and help develop strategic goals

A

SWOT ANALYSIS

59
Q

One of the most popular business strategy tools that organizations use to understand more about the main competitive forces at work in their industry.

It can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing
competitive strategies.

A

PORTER‘S FIVE FORCES

60
Q

a market favorable condition that leads to business success or failure. Successful leaders capitalize on these opportunities by identifying and planning for them.

involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.

A

Business opportunity, or bizopp

61
Q

GOOD TRAITS OF BUSINESS
OPPORTUNITIES:

A

Clarity
Feasibility
Relevance
Scalability
Profitability

62
Q

TYPES OF BUSINESS OPPORTUNITIES IN THE PHILIPPINES:

A

ONLINE BUSINESS
FOOD CART BUSINESS
UKAY-UKAY BUSINESS
LOADING BUSINESS
AFFILIATE BUSINESS
PRINTING BUSINESS
LAUNDRY SHOP
WATER STATION
POULTRY FARMING
HANDICRAFT BUSINESS

63
Q

Utilizing different social media platforms to
reach a variety of customers.

A

ONLINE BUSINESS

64
Q

You can set up your business through food
cart that can be seen in streets.

A

FOOD CART BUSINESS

65
Q

It means selling a second hand item such
as bags, clothes, shoes, etc.

A

UKAY-UKAY BUSINESS

66
Q

You can sell load on all telecom networks including prepaid sim card.

A

LOADING BUSINESS

67
Q

One or more affiliates for each customers brought
about the affiliate’s marketing effort

A

AFFILIATE BUSINESS

68
Q

It is in high demand for printing t-shirts, tarpaulin, brochures or any papers used by students.

A

PRINTING BUSINESS

69
Q

do all the washing of clothes, with people who are very busy

A

LAUNDRY SHOP

70
Q

one of the essential
needs nowadays.

A

WATER STATION

71
Q

an important industry for the production of eggs and meat.

A

POULTRY FARMING

72
Q

Customers who love personalized items and stuffs.

A

HANDICRAFT BUSINESS

73
Q

IDENTIFY BUSINESS OPPORTUNITIES:

A

Identify your Pain Points

Talk to your customers

Conduct Market Research

Question Processes

Look at external factors

Consider other industries

74
Q

are areas of frustration or areas where something is not working well. They’re unmet needs waiting to be satisfied.

A

Identify your Pain Points

75
Q

Talking to your existing customers can be an effective
way to discover new opportunities.

A

Talk to your customers

76
Q

This includes using industry research to define the competitive landscape and
determine your target audience

A

Conduct Market Research

77
Q

Try to evaluate each process with an open mind and ask
questions about how you could improve it.

A

Question Processes

78
Q

You should assess the potential impact of factors such as the economy, government policy
changes, and new technology.

A

Look at external factors

79
Q

Research the trends, technologies, and strategies of
these industries to find potential
opportunities for your business.

A

Consider other industries

80
Q

FACTORS TO CONSIDER WHILE IDENTIFYING BUSINESS OPPORTUNITIES:

A

Availability of Raw Materials
Internal Demand Analysis
Market Size
Management Skill Sets
Access to the customers
Need for Financing
Passion

81
Q

METHODS OF IDENTIFYING BUSINESS OPPORTUNITIES:

A

Environmental Scanning
SWOT Analysis
Innovative Brainstorming
Market Research
Social Listening & Monitoring

82
Q

monitoring external factors like economic, political, and technological trends that can
impact a business.

A

Environmental Scanning

83
Q

a strategic planning tool to helps businesses identify their strengths, weaknesses, opportunities, and threats. It helps in identifying internal and external factors that can
impact the business and can be used to develop a plan of action.

A

SWOT Analysis

84
Q

new ideas and possibilities for products, services, or business models could be discovered by gathering a group of people to brainstorm.

A

Innovative Brainstorming

85
Q

will enable you to identify entrepreneurial business
opportunities to come with products or services your customers are looking for.

A

Market Research

86
Q

entail observing or monitoring social media and other online platforms to stay informed about industry trends, customer preferences, and competitors’ activities.

A

Social Listening & Monitoring

87
Q
A

Applied Economics (2nd Grading) (11 decks)

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